CRLS Lease Renewal & Tenant Retention

Question 1

What is the primary financial benefit of retaining an existing tenant rather than finding a new one?

Accepted Answer

Avoiding vacancy loss and the costs associated with marketing, screening, and unit preparation

Answer

Receiving a higher monthly rent from a long-term tenant

Answer

Reducing the landlord's property insurance premiums

Answer

Eliminating the need to perform routine maintenance on the unit

Question 2

How far in advance should a leasing specialist typically initiate the lease renewal process with a tenant?

Accepted Answer

60 to 90 days before the lease expiration date

Answer

One week before the lease expires

Answer

The day after the lease is signed

Answer

Only after the tenant requests a renewal

Question 3

Which of the following is a common incentive offered to encourage lease renewals?

Accepted Answer

Offering one month of reduced rent or a small upgrade to the unit

Answer

Requiring the tenant to pay an additional security deposit

Answer

Increasing the lease term without tenant consent

Answer

Removing existing lease clauses that protect the tenant

Question 4

When evaluating whether to offer a lease renewal to an existing tenant, which factor is MOST important?

Accepted Answer

The tenant's payment history and compliance with lease terms

Answer

The tenant's willingness to accept a rent increase of any amount

Answer

Whether the tenant has ever submitted a maintenance request

Answer

The length of the tenant's current employment

Question 5

When a tenant remains in a rental unit after the lease expiration without signing a new agreement, this tenancy is commonly referred to as:

Accepted Answer

A holdover or tenancy at sufferance

Answer

A sublease arrangement

Answer

A periodic tenancy by mutual consent

Answer

An adverse possession claim

Question 6

Which of the following costs is typically included in the calculation of tenant turnover cost?

Accepted Answer

Lost rental income during vacancy, cleaning, repairs, and advertising expenses

Answer

The original security deposit collected from the departing tenant

Answer

Future rental income from the incoming tenant

Answer

Property tax payments due at the end of the fiscal year

Question 7

A lease renewal that involves a change in monthly rent or other terms should be documented with:

Accepted Answer

A written renewal lease or signed addendum specifying the updated terms

Answer

A verbal agreement confirmed by a handshake

Answer

An email from the tenant acknowledging the new rent amount

Answer

No additional documentation if the original lease allows month-to-month conversion